Taoiseach Leo Varadkar has said the Government will hit or exceed its targets for new homes this year and next.
Providing an update on residential housing supply for the first nine months of the year alongside Tánaiste Micheál Martin and Minister for Housing Darragh O’Brien, Mr Varadkar said based on completion and commencement trends to date, output is likely to exceed this year’s target of 29,000 units and next year’s 33,000 target.
The Taoiseach said the Coalition was “making real progress” on the issue of housing supply.
However, he admitted it was unclear at present if targets for social and affordable units will be met this year amid uncertainty about the three quarter completions and questions over whether the State-backed Land Development Agency could deploy its budgetary allocation for 2023.
Commenting on the figures, the Taoiseach said: “In the past 12 months, 30,000 new homes have been built.
“That is 50% more than when this Government came to office, more than double the number when I become Taoiseach in 2017. Housing for All is working,” he said.
Based on the previous 12 months, the output for 2023 could exceed 31,000 units as most of the supply comes in the final quarter while one industry projection indicated it could be as high 34,000. The official output figure for the first nine months of the year was 22,400.
It is unclear, however, if the 9,100 social homes and 5,500 affordable homes targets for this year will be met with the data for the third quarter still being compiled. Last year, the just over 7,000 social homes were delivered against a target of 9,000.
As part of the update, the Government announced a number of new measures aimed at strengthening supply, including the broadening of the Local Authority Home Loan scheme to make finance available to purchase and renovate derelict or non-habitable properties.
It has also doubled the number of homes eligible for the Vacant Property Refurbishment Grant under the Croí Cónaithe fund, raising the target to 4,000 to be delivered in 2025.
The Government also announced that new approval has been given for funding of €448 million to deliver 250 affordable purchase and over 1,650 cost rental homes.
Minister for Housing Darragh O’Brien said: “All the indicators – completions, commencements and planning permissions – are showing a positive momentum and strong delivery.”
By the end of the year, “we will have delivered 100,000 homes since 2020,” he said.
